Charles Schwab launches online community for active traders

BrettPhilbin

NEW YORK (MarketWatch) -- Charles Schwab Corp.
SCHW, -0.63%
on Wednesday launched an online community focused on active traders as the discount broker looks to tap into the expanding social networking space to educate investors.

The San Francisco company said the Schwab trading community is the first online social network offered by a major brokerage firm. The new product will target investors who make at least 36 trades per year.

Schwab said the network will allow clients to speak with one another about trading and investment strategies. In addition, investors can gain access to Schwab and third-party trading experts through blogs, tutorials, and Web seminars.

"It's a place for serious investors who want to discuss strategies and tactics that can help them become better traders. It's not a place where people will be encouraged to hype stocks," Richard Levine, vice president of Charles Schwab Active Trading Services, said in a press release.

The launch of the online community comes as trading volumes at online brokers Schwab, TD Ameritrade Holding Corp. (AMTD), and E*Trade Financial Corp. (ETFC) have held up in recent months despite a declining stock market and a weak U.S. economy.

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